Part 8

Oil activities
Chapter 4

Calculation of profits

Tariff receipts etc

Tariff receipts: counteraction of avoidance arrangements
291B
1
Subsection (2) applies if an arrangement has been entered into, the main purpose or one of the main purposes of which is to obtain a tax advantage by reference to section 291.
2
The relevant tax advantage is to be counteracted by the making of such adjustments as are just and reasonable.
3
Any adjustments required to be made under this section (whether or not by an officer of Revenue and Customs) may be made by way of—
a
an assessment,
b
the modification of an assessment,
c
amendment or disallowance of a claim,
or otherwise.
4
In this section—
- “
arrangement
” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
- “
tax advantage
” has the meaning given by section 1139.
Ss. 291A, 291B inserted (with effect in accordance with s. 22(5) of the amending Act) by Finance Act 2018 (c. 3), s. 22(3)